Julius Baer will hold 40 percent of the joint venture’s initial registered capital of 1.8 billion baht ($57.53 million) while SCB will own 60 percent, the two firms said on Thursday. Julius Baer will have the option to increase its stake in the venture to 49 percent over time.

Thailand’s overall wealth market is estimated to be around $300 billion, with a rapidly growing population of high net worth individuals of about 30,000, according to the BCG Global Wealth Report 2017.

The nation’s growing economy and rising wealth has already lured some global private banks to set up an onshore presence, with Credit Suisse launching its wealth management in Thailand in 2016. ($1 = 31.2900 baht) (Reporting by Sumeet Chatterjee Editing by Muralikumar Anantharaman)